Hi Friends,
> Field 47A of an LC states transfer of the LC is restricted by the Advising Bank only.
A. LC sent to ABC Bank.
B. Field 57A: PQR Bank.
.
Who can transfer the LC?
A/ B/ A & B/ A or B?
Best Regards.
Transfer by Advising Bank
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bdesh
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picant
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Transferable L/C
Hi Pals,
IMHO only B, being ABC per Swift rules only the receiver bank that has to pass the l/c by MT710 to the advising bank indicated in field 57 "This field identifies the bank, if different from the receiver,throgh which the documentary credit is to be advised/confirmed to beneficiary" .........Any other action is an abuse, specially made by big banks, but who can fight against them.
I take the opportunity to comment the today's thought. The second advising bank is choosen by the advising bank, not the issuing bank, as per art 9 c UCP 600. I consider the second advising bank the Trojan Horse, for a no-bank issuer to enter in the Swift system; Issuing party opens an l/c, its bank transmit it by MT 710 to the bank of beneficiary and the latter advises the beneficiary. Is it too complicated or.....
Other comments appreciated
Ciao
IMHO only B, being ABC per Swift rules only the receiver bank that has to pass the l/c by MT710 to the advising bank indicated in field 57 "This field identifies the bank, if different from the receiver,throgh which the documentary credit is to be advised/confirmed to beneficiary" .........Any other action is an abuse, specially made by big banks, but who can fight against them.
I take the opportunity to comment the today's thought. The second advising bank is choosen by the advising bank, not the issuing bank, as per art 9 c UCP 600. I consider the second advising bank the Trojan Horse, for a no-bank issuer to enter in the Swift system; Issuing party opens an l/c, its bank transmit it by MT 710 to the bank of beneficiary and the latter advises the beneficiary. Is it too complicated or.....
Other comments appreciated
Ciao